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+Synthetic Stock Positions 
+Created by Puts and Calls 
+It is possible for a strategist to establish a position that is essentially the same as a 
+stock position, and he can do this using only options. The option position generally 
+requires a smaller margin investment and may have other residual benefits over sim­
+ply buying stock or selling stock short. In brief, the strategies are summarized by: 
+1. Buy call and sell put instead of buying stock. 
+2. Buy put and sell call instead of selling stock short. 
+SYNTHETIC LONG STOCK 
+When one buys a call and sells a put at the same strike, he sets up a position that is 
+equivalent to owning the stock. His position is sometimes called "synthetic" long 
+stock. 
+Example: To verify that this option position acts much like a long stock position 
+would, suppose that the following prices exist: 
+XYZ common, 50; 
+XYZ January 50 call, 5; and 
+XYZ January 50 put, 4. 
+If one were bullish on XYZ and wanted to buy stock at 50, he might consider the 
+alternative strategy of buying the January 50 call and selling (uncovered) the January 
+321